#FinancePH - UnionBank, Leon Gallery host timely discussion on NFT art

A conversation on non-fungible token, or NFT, art was recently held by Union Bank of the Philippines (UnionBank) and The Leon Gallery, one of the most prominent auction houses in the nation. The emphasis was on how NFTs are reshaping the art world and how collectors and artists may simply navigate this new environment.

The important discussion took place in conjunction with an exhibition of work by JAR, a Filipino abstract artist. Prior to this, JAR's artwork was also on display at The Leon Gallery last July 18, and the collection was completely sold out on the first day. This was a follow up of the artist’s previous NFT art collection, JAR Heads, successfully launched on the Cardano Network with over 1 million in ADA sales in the secondary market in the span of only six months.

Reyes participated in the conversations together with RJ Dela Cruz and Migui Planas from UnionBank's Digital Asset Markets Unit (DAMU). JAR discussed how NFT art gave him access to and appreciation from individuals all across the world and how this setting can provide opportunity for other traditional painters.

Planas, an NFT expert, provided a 101 on NFT art, explaining how NFTs are created and how novices can navigate the NFT art universe with ease. On the other side, DAMU Head Dela Cruz focused on UnionBank's initiatives and advancements in the blockchain, cryptocurrency, and NFT sectors. He talked about the Bank's entry into this new market as well as his own move from conventional finance to the world of digital assets.

The UnionBank Virtual Asset Over-the-Counter (VA OTC) Service, another industry first that was created to make it much simpler for users to access the burgeoning NFT art field, was one of the highlights of Dela Cruz' discussion. As the country's leading innovator in blockchain technology, UnionBank is the first and only bank in the Philippines to offer this kind of service.

"Through its VA OTC service, UnionBank provides both artists and collectors alike with trustworthy platform for buying and selling NFT art," said Atty. Tonico Manahan, a well-known art collector. "While there are many ways for people to fund their wallets to buy NFT art or transact with crypto, buying and selling with the help of a well-established bank ensures that every crypto transaction is secure."

"It's a way for beginners to have peace of mind in entering the perceived volatile space given that transacting with a regulated financial institution such as a bank would be secure," Reyes added.

To know more about UnionBank's VA OTC service and other solutions related to NFTs, please send an email to digitalassets@unionbankph.com. 

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